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The number of transactions is expected to rise from 2.7 billion in 2007 to 37 billion by 2011, as banks continue to deploy more services, Juniper Research says.
By K.C. Jones, InformationWeek, Apr. 17 2008, 1200 hrs
Ten times as many consumers are expected to use mobile banking in 2011 compared to last year, according to a survey released Wednesday.
Juniper Research reported that the 816 million consumers will access banking services and products through their mobile phones in three years.
The report on the mobile financial services sector states that financial institutions are delivering more products and services through mobile phones. They include financial information, money transfers, bill payments, account management, and customer service.
The number of annual mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011, around the globe as banks continue to deploy more services. Consumer confidence must grow because of improved security efforts in order for service use to rise, according to the report.
Financial regulation, transaction fees, revenue sharing issues, and problems with customer support could hinder growth, the report cautioned.
The report found that China and surrounding areas will have the greatest number of people using mobile banking services, followed by Western Europe and India and surrounding countries.
Financial information services are forecast to be the most popular banking product accessed through mobile phones.
Financial transaction values will almost double from 2007 to 2011 worldwide, and they will become four times as common in emerging markets during that time.
The report, titled "Mobile Financial Services: Banking & Payment Markets 2007-2011" can be downloaded from the Juniper Research Web site. It examines the existing mobile financial services market and forecasts trends. It is based on interviews, case studies, and analysis from representatives in the mobile financial services industry.
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